DUBLIN--(BUSINESS WIRE)--The "UK Personal Injury Market 2018: Consumer Research Report" report has been added to ResearchAndMarkets.com's offering.
More regulatory and competitive pressures on their way
The personal injury (PI) market is far from stable and this instability is set to continue. It has had to deal with a series of regulatory changes since the introduction of the Legal Aid Sentencing and Punishment of Offenders Act 2012 (LASPO) and subsequent legislation. Further major changes are on the way: the Ministry of Justice (MoJ) plans to increase the small claims limit for most PI cases to 5,000 from 1,000 in April 2020 which would mean that most cases would be dealt with by the small claims court. Our consumer research results show that most claims are 5,000 or less, effectively removing legal advisors from these claims, while many claimants would be concerned about dealing with these cases themselves.
Insurance companies are at the centre of the PI claims process but not many respondents believe that they can be left alone to offer the right amount of compensation: legal advisors are still needed. Service costs are now the most important criteria for those in our survey when choosing legal representation and this is of some concern especially if this heralds a period of price discounting which will only favour the volume players in the market. These volume players are already growing their share of the market making the PI sector the most heavily concentrated of all consumer legal sectors.
Claim numbers are in decline but this is out of step with perceptions in this research as most individuals believe that more people are making claims now than five years ago. However, most people also accept that whiplash is a genuine injury (if it involves medical treatment or medication) despite adverse publicity regarding bogus whiplash claims.
- Majority of claim payouts are up to 5000 and would fall under new small claims limit set to be introduced in 2020.
- Only 20% would be happy to take on a claim themselves through the small claims court.
- A majority do not shop around when looking for an adviser.
- Awareness of leading claims firms is relatively high but less so for leading PI law firms. Brand awareness highest for NAH.
- A clear majority believe that more people are lodging claims than ever before although this is out of step with the real picture, i.e. claims have been falling.
- The most important factor when choosing a PI adviser is service cost
Key Topics Covered:
1.0 Executive Summary
4.0 Personal Injury Claims
5.0 Claims Process
6.0 Claims Settlements and Small Claims
7.0 Legal Services Providers - Selection and Satisfaction
8.0 Awareness and Use of Personal Injury Brands
9.0 Market Trends
10. Future Developments
For more information about this report visit https://www.researchandmarkets.com/research/k2pmf9/united_kingdom?w=4